The site of a former garage will be transformed into 14 eco-friendly family homes thanks to a £750,000 investment by FW Capital, which manages the North East Property Fund.
W&D Christie Developments Ltd secured the loan to facilitate the construction of 14 three- bedroom, semi-detached houses on the site in New Penshaw, Houghton-le-Spring.
The homes, on Coxgreen Road, have been developed to deliver high eco performance with an energy efficiency level far above the majority of new house building. The properties are built using Flitcraft timber frames, which deliver a zero carbon solution.
The scheme is aimed at first-time buyers, couples and young families. It is already proving popular, with three properties sold since its launch.
The North East Property Fund was established with the aim of supporting the development of small-scale property schemes and is backed by Santander and the North East Local Enterprise Partnership (LEP).
It offers loans from £250,000 up to £1m for residential and non-speculative commercial developments in Tyne and Wear, Northumberland and County Durham. The Fund can provide up to 100% of build costs for suitable schemes with repayment terms available up to two years.
Bob Edwards, of Flitcraft Ltd, is project managing the development on behalf of directors David and Billy Christie.
David Christie, W&D Christie Director, said: “We are grateful to the FW Capital and the North East Property Fund for their support, which helped us realise our ambition to create this development of 14 new eco-friendly family homes.”
Tony Cullen, Investment Executive at FW Capital, said: “These high-quality properties are energy efficient and sustainable and it’s important to FW Capital to support schemes with such a positive environmental impact. These homes are designed to be affordable and ensure the local community benefits for years to come.
“This is the first scheme the fund has supported in the Sunderland Local Authority area. We are keen to support more businesses with developments in Wearside and would like to hear from anyone interested in how we can help.”
David Land, Board Member for the North East LEP, said: “This is exactly the type of scheme the fund was set up to support and we’re thrilled to see its progress and would welcome more projects like this to come forward and access support from this fund.”